French VC Quantonation raises €220 million for flagship quantum and deep-physics fund

Quantonation Ventures, a Paris-based venture firm for quantum and physics-based technologies, has closed its second flagship fund above target at €220 million. With this close, Quantonation reportedly becomes the largest dedicated quantum investment firm globally by AUM.

All major investors from Quantonation I have returned for the second fund. Returning limited partners include Vertex Holdings; Fonds National d’Amorçage 2, managed by Bpifrance on behalf of the French State; and Bradley M. Bloom, co-founder and former Managing Director of Berkshire Partners. New limited partners include the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba.

“Quantum has spent decades being described as five years away,” says Christophe Jurczak, Managing Partner at Quantonation. “That wasn’t a failure of physics, but of ecosystems. What’s changed is alignment: hardware, software, supply chains, and industrial demand. Quantum is no longer a race to build one machine. It’s an interlocking stack, and that’s where durable value now sits.”

Funding and raises in the past year show broader investment activity in European quantum technology and related DeepTech beyond the Quantonation II announcement.

For example, QuantWare raised a €20 million Series A in March 2025 to support the development of its quantum processor technology and expand chip fabrication in the Netherlands, aiming to scale architecture capable of powering very large quantum systems.

Meanwhile, 55 North, a Copenhagen-based VC firm, announced a €134 million first close of a €300 million fund focused on quantum technologies – including computing, sensing, and communications – and has already backed companies such as IQM and Kiutra. Additionally, Equal1 in Dublin raised €51 million in early 2026 to accelerate scalable silicon-based quantum computing platforms, adding to capital flows into quantum hardware development.

Taken together, these European funding developments illustrate a spectrum of capital deployment across the quantum stack in 2025–2026: from mid-stage companies advancing hardware and scaling platforms to dedicated funds aggregating institutional capital for the ecosystem.

This broader picture positions Quantonation’s €220 million second flagship fund alongside other significant commitments — e.g., QuantWare’s €20 million Series A and 55 North’s large fundraise — in underscoring that both specialised quantum startups and DeepTech investment vehicles are attracting increasing European venture and institutional capital; this trend reflects confidence that quantum and physics-based technologies are moving from early research towards scalable commercial applications.

“With Quantonation I, our mission was to back the pioneers. These were the teams turning quantum physics into working machines, and to help the first leaders emerge,” adds Partner Olivier Tonneau. “With Quantonation II, the focus shifts to utility and scale: demonstrating practical advantage, building robust products, and preparing for industrialisation.”

Since launching in 2018, Quantonation has invested globally across more than 10 countries, backing companies in quantum computing, networking, sensing, materials, adjacent supply chain, and broader deep-physics domains.

Fields such as high-performance computation, secure communications, drug design, and ultra-precise sensing are now driven by innovation based on these disruptive technologies. Quantonation supports their transition into commercially available products.

This second fund is more than twice the size of Quantonation’s first €91 million vintage, which has reportedly performed in the top quartile globally, reflecting growing conviction that quantum and deep-physics technologies are moving beyond scientific promise toward industrial systems, enterprise deployment, and real supply chains.

Quantonation I backed 27 companies worldwide. The portfolio includes PASQAL, Nord Quantique, and Multiverse Computing, alongside a broader body of scientific and engineering progress transitioning from leading laboratories into commercial environments.

“Physics has been a powerful engine for civilisational progress,” says Partner Will Zeng. “Our oversubscribed new fund adds fuel to that engine. We’re backing founders and teams building world-changing companies rooted in better physics and driving the next industrial revolutions.”

Quantonation II has already invested in 12 companies and expects to build a portfolio of approximately 25. The larger fund enables Quantonation to write larger initial checks, support companies longer through scale-up, and invest across a broader range of physics-based technologies where progress compounds through engineering and infrastructure rather than speed alone.

Recent investments include:

• Quantum computing: Diraq, which is scaling quantum to millions of qubits on a single chip, powered by global silicon foundries
• Advanced materials: Pioniq, developing quantum materials for next-generation energy storage
• Nanomaterials: Chiral Nano, building next-generation chips with nanomaterials for semiconductor manufacturers
• Supply chain: Qblox, enabling modular design and high-density racking to deliver production-level quantum at scale
• Security: Project11, building technology and products to secure blockchains against quantum decryption
• Deep physics and sensing: Resolve Stroke, focused on high-resolution acoustic imaging, and Steerlight, developing next-generation LiDAR systems

With Quantonation II, the firm is expanding beyond quantum computing alone to a broader class of physics-based technologies, where advances in materials, photonics, sensing, and physical AI increasingly reinforce one another.

This reflects their view that the most consequential technologies of the coming decades will not scale like software. They will scale through engineering discipline, patient capital, and active ecosystem building across industry, research, and public institutions.

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